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Tesla cuts price of mass-marked Model 3, lifts prices of premium EVs

Tesla cuts price of mass-marked Model 3, lifts prices of premium EVs
FILE PHOTO: A 2018 Tesla Model 3 electric vehicle is shown in this photo illustration taken in Cardiff, California, U.S., June 1, 2018. REUTERS/Mike Blake/File Photo -
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Mike Blake(Reuters)
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By Yilei Sun and Norihiko Shirouzu

BEIJING (Reuters) – U.S. electric vehicle maker Tesla Inc has lowered the price of its mass-marked Model 3 and raised the prices of its premium Model X and S cars.

The starting price of the Model 3 is now $30,315(24,226.8 pounds), from $32,225, Tesla’s website showed on Tuesday. The top-of-the-range Model X now begins at $75,315, rather than $71,325, while the Model S rises to $70,115 from $65,125.

The prices include potential incentives and petrol savings of $9,875, Tesla said on its website.

Earlier this month, Tesla said deliveries of all three of its models in the second quarter of this year rose 51% from the previous quarter to a record 95,200 vehicles. The Model 3 accounted for about 80% of the total, underscoring the vehicle’s role as the linchpin of Tesla’s growth strategy.

The automaker said it expected production and deliveries to continue growing in Q3.

On Tuesday, Tesla also changed its prices in China, the world’s largest market for electric vehicles.

Its website showed the Model 3 starting price is now 355,900 yuan ($51,780), down from 421,000 yuan. It lifted the Model X to 790,900 yuan and Model S to 776,900.

Tesla is building a factory in Shanghai. In May it said it will set a starting price of 328,000 yuan for Model 3 vehicles built at the new factory.

(Reporting by Yilei Sun and Norihiko Shirouzu in Beijing; Editing by Christopher Cushing)

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